Rakuten posts quarterly loss on wireless investment, e-commerce grows

Economy

Japanese e-commerce giant Rakuten Group Inc. said Thursday it remained in the red in the first quarter to March due to continued investment for expansion of its fledgling wireless service but saw strong growth in its pandemic-driven e-commerce business. The company posted 25.14 billion yen ($230 million) in net loss compared with a year-earlier loss of 35.32 billion and following a loss in fiscal 2020 of 114.20 billion, weighed down by the cost of installing wireless base stations across the country. Rakuten Group booked an operating loss of 37.34 billion yen, worsening from a loss a year earl...

Kyodo News

Kyodo News